A bad credit score can weigh heavily on your plans, whether for future real estate planning or a short-term plan like graduating. The only way to get rid of your reputation as a risky borrower is to improve your credit score.
But wait, do you have time for that?
Of course, your needs won’t wait for your credit score to go up. The delay in time while waiting for your score to improve may also delay your plans, which could prove to be a massive hindrance to your financial standing. For this reason, you need to look at companies that give guaranteed loans, even with poor credit.
So, here we have a list of the best platforms that offer bad credit loans with guaranteed approval.
What Is A Bad Credit Loan?
A bad credit loan is a short-term secured or unsecured loan without a long list of requirements.
In secured poor credit loans, you can use any asset as a security to get a loan. Secured loans have a more flexible repayment period compared to unsecured poor credit loans. The repayment period can be anywhere between 5 to 25 years, depending on your borrowed amount.
In the case of unsecured poor credit loans, the lender won’t ask for any kind of security in the form of collateral. With the simplest online process, many platforms can even transfer the money to your account in less than 15 minutes. However, the repayment period is shorter and has a slightly higher interest rate than the secured loans.
Like every other loan, you’ll have to meet certain qualifications and requirements to get an unsecured loan. The chances of getting a loan will depend on whether you can comply with the requirements or not.
Eligibility Criteria For A Loan
- You’re a resident of your current address and have been working for more than a year
- You must be at least 18 years old
- You should have a valid security number
- Some more requirements are unique to each bank or platform (Contacting the lender to know the requirements before you begin the process can help you a lot)
By doing so, you can also get an idea of the different packages that the loan providers offer. Based on your ease, you can choose the one that you find the best.
Besides the quick financial help, poor credit loans also help you improve your credit history. A bad credit loan with guaranteed approval is the best way to have a good credit history as you can pay back your loan on time, which will improve your credit score and make you a trusted borrower over time.
Well, it’s true that you can’t get any guarantees in life, especially when you have a poor credit history. But the bad credit loans we have discussed in this review are quite near to ‘guaranteed’ approval. So, without further delay, let’s get into our list of bad credit loans with guaranteed approval.
Top 5 Bad Credit Loans With Guaranteed Approval
For people with poor credit scores, here are the top 5 companies providing bad credit loans.
- MoneyMutual – Best Overall Loan With Guaranteed Acceptance & Editor’s Pick
- CashUSA – Best For Instant Loan Approval
- BadCreditLoans – Best For No Credit Check Loans
- Personal Loans – Most Vigilant & Best For Personal Loan
- Credit Loan – Most Trustworthy
How We Made This List
Only 1.2% of people in America have a perfect credit score, i.e., 850. Around 18% of the population’s credit scores are between 580 and 699, which is considered to be fair. Approximately 16% of the population’s FICO scores fall between 300 and 579, which is considered to be an inferior range.
Acknowledging all these facts presented in Experian’s Consumer Credit Review 2019, we decided to make a list. The purpose of this list is to facilitate people with bad credit scores. Before starting the writing process, we researched thoroughly to find out the most critical factors.
After conducting this research, we learned the secrets that make a credit firm a good credit company. In light of the knowledge gained by the study, we started our hunt for the best credit company.
Initially, our primary focus was on companies that provide poor credit loans with guaranteed approval. Once we had gathered a bucket full of credit companies, we started looking for the distinguished ones.
For us, in the loan industry, a credit company is unique if it provides value to consumers. We started by looking at the interest rates offered by several credit companies. If we felt like a company was taking advantage of the consumer’s situation, we immediately removed it from the list.
We tried our best to develop a list of credit companies that offer the most affordable interest rates. To do that, we dived into the lists of lenders on the platforms. We erased platforms with exploiting lenders and bad reviews immediately.
What We Looked For
- The interest rates offered by the companies for various credit scores
- The way the companies treat their customers
- Lenient terms and conditions so those with a low credit score can get loans easily
- Offers quick approval
- Minimum service charges and other fees
In the end, we were left with a list of some notable names in the industry. All of the companies added to this list have some unique features to offer. From education centers to loan limits of up to $35,000, each stands out in its own way.
Best Online Bad Credit Loans With Guaranteed Approval [Reviews]
#1. MoneyMutual – Best Overall Loan With Guaranteed Acceptance & Editor’s Pick
MoneyMutual made it to the top of today’s list because of the ease it provides to both lenders and borrowers. Since 2010, MoneyMutual has been working as a bridge between lenders and borrowers. The fact that there are 50+ lenders on the site makes bad credit loans with guaranteed approval possible.
Moreover, MoneyMutual offers plenty of features that make the process seamless. The best part is that MoneyMutual does not exploit the market. Due to the abundance of lenders, they do not charge extra because of your poor credit score.
The presence of over 2 million online customers clearly indicates that MoneyMutual is providing value to society.
- MoneyMutual charges no fee for connecting you to the lender
- Presence of a considerable number of lenders
- Plenty of 5-star reviews
- Get funds transferred into your account within 24 hours of approval
- Advanced security features to make sure that your credentials are secure
- Loads of paperwork are not required
- Get a loan with an income as low as 800$ per month
- A proven regular source of income is mandatory to be eligible
- You have to be living in the USA to get loans from MoneyMutual
- You are responsible for anything that happens after signing the agreement with the lender
Here are some qualities of MoneyMutual that make the company stand out:
No Service Charges: It was shocking for us to learn that MoneyMutual does not charge any service fees. Today, when even taxi service providers and almost everyone else charges for their services, MoneyMutual connects you with lenders for free. This feature makes MoneyMutual the most practical option among all.
Quick Transfers: There is nothing worse than waiting for funds to transfer into your account after loan approval. MoneyMutual eradicates this unnecessary waiting time entirely. This not only delivers the funds at the time of need but also elevates the overall user experience.
A Plethora of Options: Even if your credit score is bad, there are chances that you will receive plenty of offers from lenders. That is because around 60 lenders are sitting there making offers. Hence, you will get a bad credit loan with guaranteed approval.
Simple Process: The website is easy to navigate for both tech geeks and old-school people. The process is pretty simple too. You simply have to provide proof of your income and other necessary details to apply for a loan.
Later on, they connect you with the lender, who then deals with you personally, even outside the platform. If you agree to the lender’s terms and conditions, they can transfer money into your account within 24 hours. What else can you wish for?
Maximum Security: You won’t have to worry about your credentials while working with MoneyMutual, as their website is highly secured with advanced security features.
All of these features collectively make MoneyMutual an unparalleled platform for getting poor credit loans with guaranteed approval.
Users love MoneyMutual for its dependable service for over a decade. Their no-credit-check policies have helped over 2 million people overcome financial difficulties. In addition, MoneyMutual provides excellent customer service and is always willing to assist those in need.
#2. CashUSA – Best For Instant Loan Approval
CashUSA is a company that not only offers bad credit loans with guaranteed approval but also provides financial education. This company is a reputable lending platform that has been serving the United States for years.
There is a unique education center that is accessible via their website. In this center, you will find beneficial information on various financial topics. These topics include the calculation of debt, with which you will be able to manage your debts more wisely. It will also help you determine ways to pay back the debt.
In addition to this, the other topic is paying off student loans. Without an appropriate plan, student loans will haunt you for a good time in your life. Hence, planning is essential if you want to pay back student loans. CashUSA will help you devise ways to repay your student loans without disturbing the budget.
Moreover, they will help you understand your credit score. To repair your bad credit score, you have to understand its concept to the fullest. You can find a lot of helpful information in this regard from CashUSA’s education center.
They also help with the selection of a financial advisor. One needs a considerable amount of knowledge and experience to advise someone. This becomes more important when it comes to financial advice. With the information present in the education center, you can have all the secrets to choosing the right financial advisor.
Hence, CashUSA is an excellent platform to borrow loans and to learn as well. Just like MoneyMutual, CashUSA also has plenty of lenders on board. So, you can receive multiple offers depending on the amount of loan you want and your credit score.
- Access to the financial education center
- Fast funds transfer
- A vast range of interest rates
- Loans range from up to $10,000
- Free of cost service
- Slightly more personal information is demanded
Here are some features of CashUSA that make it stand out from the crowd:
Loans of up to $10,000: There are entities in the market that offer poor credit loans with guaranteed approval, although the amount is usually low. This is not the case when it comes to CashUSA. You can get loans of up to $10,000, which is enough to cover an entire vacation or pay for your wedding.
Quick Process: Sometimes, we need funds to cover immediate expenses and emergencies. Unlike other lending companies where you have to wait months to get a loan, the process is much faster at CashUSA.
Educates Users: CashUSA is known for financially educating its users along with providing financial aid. The aim is to make every user economically stable. This is very rare in the lending business.
Vast Interest Rate Range: In CashUSA, you get an interest rate as low as 5.99%APR to as high as 35.99%APR. The interest rate offered to you by CashUSA depends upon the amount of loan you want and your credit score. Every lender offers a different interest rate, so you will also have options to choose from.
After going through the customer reviews of their previous clients, it is safe to state that CashUSA is one of the most trustworthy and credible brands online. Along with providing timely loans, they also aid in the improvement of your credit score by submitting your payments to the credit bureau on a regular basis.
#3. BadCreditLoans – Best For No Credit Check Loans
As the name indicates, this company is made to provide bad credit loans with guaranteed approval.
BadCreditLoans is yet another company that serves people with bad credit. From this company, you can get loans ranging from $500 to $10,000. Therefore, you can rely on them in times of despair.
From vacations to emergency medical bills, you can apply and get a loan for almost everything immediately.
BadCreditLoans do not take advantage of your critical financial situation and try to help you on every level. The company gives you the option to choose from various lenders only when you are completely satisfied. Moreover, repayment options are also feasible, which brings more ease to your life.
- A company made for people with bad credit scores
- You can decline an offer at any time if you are not satisfied with it
- Up to 36 months of installments plans are available
- Only a simple form is required to be filled out on the website of the company to apply
- Get funds transferred to your account as soon as the next business day
- You have to be at least 18 years old to apply for the loans
- You have to submit proof of citizenship to get offers
Flexible Repayment Options: This is probably the most significant advantage of borrowing a loan from BadCreditLoans. You won’t have to worry about repaying immediately after getting the loan because you can pay it in up to 36 months.
The thing to note here is that the interest rate will also increase with an increase in the duration. So, get a bad credit loan with guaranteed approval from BadCreditLoans if you want to bring ease to your life.
Simple Procedure: Mostly, when you go out there to take a loan, you have to face loads of paperwork. This is not the case when it comes to BadCreditLoans. A form is provided on the website of this company.
Simple questions like name, date of birth, proof of citizenship, a reason for borrowing the money, and the amount of money required are asked in that form.
After submitting all the information in the form, the company will connect you with the lenders. Once you agree with the lender of your choice, they will immediately transfer funds to your account.
No Pressure: BadCreditLoans never take the side of the lenders. If you don’t like the lender’s offer, you can decline it immediately without any fear. You won’t lose a dime, and it won’t affect your profile either.
The purpose of the company is to serve both lenders and borrowers. You can start over and look for a new offer as many times as you want.
For People with Bad Credit: The sole purpose of this company is to facilitate those who are not entertained anywhere else. Your previous credit score is not considered while offering you any kind of loan by the lenders. You might have to pay a slightly higher interest rate, but you will get the loan ultimately.
Over its several years of service, BadCreditLoans has earned the confidence of many users with its simple application process, outstanding customer service, and extensive lender network.
#4. Personal Loans – Most Vigilant & Best For Personal Loan
By any means, Personal Loans is not less than any other fabulous company listed in this thread. By offering personal loans up to $35,000, the company stands with you in your tough times. The repayment options offered by Personal Loans are also budget-friendly.
A unique trait of the company is that they push their limits to facilitate you. If somehow you don’t get a suitable offer from their registered lenders, you are connected with “third-party members” to get offers from them. So, if you choose to get a loan from Personal Loans, you won’t be disappointed.
Applying for the loan is pretty simple too. You have to fill out a conventional form, and you are good to go. Later on, you are invited by a lender who is interested in giving you an offer. The company leaves charge once you accept the invitation.
It is evident from the company’s dealings that they strive for their customers’ satisfaction. This is probably the reason why you only have to provide basic information before accepting any invitation.
After accepting the invitation, it solely depends upon you and your lender how you take things from there.
- Funds are transferred into your account within 24 hours or less
- You can get a loan of up to $35,000
- You can repay the loan in up to 72 months
- A variety of repayment options are available to improve credit reports
- No pressure from the company to accept offers
- Funds are available in a day or less
- Easy Procedure
- Relatively high interest rates are offered to people with poor or bad credit scores
Loans Up to $35,000: $35,000 is enough to change or save a life. Not all the companies out there offer this amount of money to people with bad credit. This is a distinction that Personal Loans.com holds. If you want to have an amount bigger than $10,000, this is the company you need.
Quick Transfers: A loan received late is a loan wasted. We borrow loans when we are in dire need of financial aid. If we don’t receive the loan at the time of need, there’s no purpose in getting a loan.
Personal Loans completely acknowledge these factors; hence, everything is done as quickly as possible. In most cases, people receive funds in their accounts within 24 hours of approval.
Presence of Third-Party Members: Personal Loans go a step further to facilitate you. If you are not satisfied with the offers from lenders on board, you are connected with third-party members to receive offers. This ensures maximum satisfaction and that you do not return empty-handed.
Demands Only Basic Information: Personal Loans as a company provides bad credit loans with guaranteed approval and respect for your privacy. For this purpose, you only have to provide basic information to apply for a loan. You provide detailed information only after you have accepted the invitation of any lender.
Personal Loans is one of the most reliable platforms for getting poor credit loans with guaranteed approval. The company does its best to help its users in time of need, which is why users consider it their go-to in an emergency.
Moreover, they’ve helped tens of thousands of people improve their credit scores and get out of debt.
#5. Credit Loan – Most Trustworthy
If you want a loan up to $5,000 with an affordable interest rate, then Credit Loan is the best option for you. The company created a reputation as a safe place for people with bad credit scores.
This company has catered to over 750K people in the past 22 years. The numbers themselves are enough to speak of the credibility and authenticity of the company. Like other names on this list, Credit Loans also work as connectors between you and the lenders.
The company pays a lot of attention to the fact that everyone gets reasonable offers. Moreover, the company also ensures that they only show your loan request to suitable lenders.
Applying for a loan is not only easy, but your information is also highly secured. Your privacy rights are respected here, and your information is not revealed to anyone.
- Fast and secure funds transfer
- Most suitable conditions for smaller loans
- Your personal information is highly secured
- There is no restriction on in-person meetings
- The website holds McAfee Secure certification
- A proven record of previous services
- Very affordable interest rates
- Loans are limited to the amount of $5000
Here are the reasons for Credit Loans’ popularity:
Proven Track Record: Unlike newly emerged credit companies that often turn out to be scams, Credit Loan has served people for decades. Over 750k people have dealt with their critical financial situations with this company’s aid.
The number of years in the industry and the number of people served clearly depict the company’s passion.
Affordable Interest Rates: Looking for a bad credit loan with guaranteed approval and affordable interest rates? Well, Credit Loan is the company you are looking for. Everything that is paid in the name of interest is not interesting at all to pay. If you think like this, then apply for a loan from Credit Loan because you won’t find such rates anywhere else.
Maximum Security: We do not feel safe providing our personal information online due to the rapid increase in the rate of cybercrime. Whereas, when it comes to Credit Loans, you can submit your personal information without hesitation.
TRUSTe verified the company because of their efforts to secure your information. The company also holds a McAfee Secure certification. Hence, you can rely on the website without giving it a second thought.
Best for Smaller Loans: At Credit Loan, applying for smaller loans is super easy, and you also get funds transferred quite quickly. If you need funds under $5,000, then Credit Loan has excellent offers for you. So, what are you waiting for? Apply for a loan today at Credit Loan.
Fast & Free: Services provided by Credit Loan are not only fast, but they are free too. Sounds too good to be true? Credit Loan only works as a mediator and steps aside after connecting you with the lenders. They won’t charge a dime for their services.
Credit Loan has shown to be a highly reliable source and a respectable credit organization that provides ease and accessibility. According to users, this company is the best to visit if you need small but quick loans.
What You Should Know When Applying For A Loan
There are certain things you should be aware of before applying for a loan. For your convenience, we have covered all the essentials below:
This is an essential factor to consider before applying for a loan anywhere. The debt-to-income ratio is a critical term that you must understand. This is the ratio between the amount you earn and the debt you have to repay.
Moreover, the source of your income also plays a critical role in your success in getting a loan. If your monthly income fluctuates, then you might get a few offers. For lenders, a definite amount of income means punctual repayments. This is the reason why lenders over businesses prefer people with salaries.
Some lenders also demand that you meet the minimum criteria set by Fair Isaac Corporation.
In a nutshell, before lending you a loan, lenders see if you can repay that debt. For this, they will look at the amount you earn per annum or per month. In addition, be prepared to show your source of income and its reliability.
- Interest Rate
Almost every person understands the basic concept of the interest rate. What most people don’t know is the way it depends upon various factors. The lender considers multiple factors before offering you an interest rate.
Foremost, lenders check your credit score. Some lenders do not offer loans to people with credit scores under a specific limit. Before applying for a loan anywhere, you must check your credit score. Other than this, things like the duration of the loan also contribute to the interest rate offered to you.
Our advice here is that you must compare different interest rates before locking into any deal. The interest rate is the thing you have to deal with till the end of the repayments. The following are the two types of interest rates offered in the market:
- Fixed Interest Rate is the type of interest rate that stays the same during the whole duration.
- Variable Interest Rate is the type of interest rate that depends upon the index rate and changes accordingly.
Fixed interest rates might look high at first, but they could be pretty beneficial in the long run. Contrarily, index rates could drastically change, so you have to bear it in mind before accepting any offer.
- Terms & Conditions
We all hate reading those long terms and conditions sections, but it is necessary to do so in this case. When it comes to any kind of financial bargain, you have to be very careful. Even slight carelessness can cause considerable damage.
This is the reason why you should go through all the terms and conditions of the lender before accepting their offer.
You should also consider other things, like charges involved in the process. Most importantly, you should check your ability to repay the loan. After considering all the factors, if you feel confident in applying, then you are good to go.
Getting an affordable bad credit loan with guaranteed approval becomes easy when you act wisely.
FAQs Regarding Bad Credit Loans
Q. How To Get Rid Of A Poor Credit Score?
Getting rid of a poor credit score is not as difficult as most people think. Below are some simple actions you can take to improve your credit score:
Punctuality: It doesn’t matter if you take a loan from a credit company or a bank, punctuality is equally beneficial. If you pay the installments on time, your credit score will automatically improve.
Avoid Hard Investigations: Be very careful when it comes to loans. Carelessness in terms of paying back can make you face challenging investigations. As the name suggests, these investigations can be very hard on your credit score.
Get Professional Help: Right lenders have teams of professionals who help people improve their credit scores. If you don’t know where to start, get help from professionals to get things done quickly and neatly.
Pay Installments: This is the most effective and simple way to improve your credit score. Not only can you improve your credit score, but you can easily avoid complicated investigations by paying on time.
By Observing Your Credit Report: Keep a keen eye on your credit score as it can reveal a lot of things. You can change the habits that keep your credit score from improving.
Q. How Long Does It Take To Repair Your Credit Score?
This is the most commonly asked question by people with bad credit scores. In a nutshell, the time required to repair your credit score depends upon the negative information on your credit report.
It also depends on how wisely you take steps to improve your credit score. People who got help from professionals repaired their credit scores earlier than those who didn’t. Negative information like bankruptcy on the credit report will take more time to fix than minute things like late payments.
According to reports, bankruptcy can take up to 10 years to vanish from your credit report. On the flip side, foreclosures, late payments, and charge-offs can stay on your credit reports for up to 7 years.
Even if you hire a credit repair company to send a dispute letter, the process can be time-consuming.
Bureaus are obliged to respond to a dispute letter within a month; in the case of conflicts, the process can take years. All in all, some factors are inevitable, and others are under your control.
Q. How To Avoid Credit Repair Frauds?
With the growth of lending companies, many loan-related scams have also emerged. It is very crucial to look for red flags before handing out your money to any company. A legitimate company offering poor credit loans with guaranteed approval won’t do these things:
- They won’t ever ask you to dispute something that is accurate. Genuine credit repair companies work by arguing over false negative information, not over accurate ones.
- An honest credit repair company will never claim that it can remove any negative information from your credit report.
- They will never ask you to change your identity by changing your social number. This act is prohibited by law. So, if any agent or company suggests this, get away from them.
- Genuine lending companies will never send misleading information on your behalf to the national bureaus. This is something that fraudulent companies do.
- Almost every credit repair company will charge you only when they can render services. Most scams will ask you for bundles of money before even doing anything.
- Credit repair companies cannot ask you to open new accounts. This is a dodging act, and only scammers will ask you to do this.
- Legitimate lending companies will never ask you for any unnecessary personal information.
Q. Can I Get A Loan Without Revealing My Credit Score?
If you are wondering how to get a loan without revealing your credit score, this answer is for you. Here are some ways that you can opt to get a loan without showing your credit report:
- If you are looking for poor credit loans with guaranteed approval, you can go for a payday loan facility. You can get this facility by showing proof of adequate income to repay the debt. If you fail to repay the debt within the agreed timeframe, you will face penalties.
- Pawnshops are a part of American culture. They have been providing personal loans for centuries. You can borrow personal loans from these pawn shops by mortgaging any of your possessions. Just like lending companies, pawn shops also charge interest rates on the loans. These interest rates are usually higher than those of banks and lending companies. If you fail to pay this debt, the pawnshop will confiscate your possessions.
- An auto title loan is a less popular type of loan that you can also get without disclosing your credit score. In this loan, your vehicle is at stake. If you fail to pay the loan, you could lose possession of your vehicle.
Q. Is Only Loan Approval Affected With A Bad Credit Score?
No, a bad credit score can affect a lot of other things as well. Here is a list of items that are related to a bad credit score:
- The credit limit offered by your provider depends a lot upon your credit score. Credit limits and credit scores are directly proportional to each other. A higher credit score means a higher credit limit. So, if you don’t want to run out of money on your holidays, then consider improving your credit score.
- The success rate of getting a new job is also related to your credit score. Most employers look at credit scores before hiring. If you want to make a good impression, then start by repairing your credit report ASAP.
- Security deposits are not only inevitable but also come at a higher rate if your credit is terrible. Want a new phone? Planning to rent a car? Get ready for high-security deposits.
- The insurance rates your friends are getting may differ from yours. It’s not because your insurance is worth more; it is because of your bad credit score.
Hard times come when you least expect it. Things get worse when you have a bad credit score. Do you also have a bad credit score? Don’t worry, we have got you covered!
In this list, we have added companies that built their reputation as the best in the industry over the years. The purpose is to help you get bad credit loans with guaranteed approval. To make this list, we compared several companies and came up with the best options for you.
We made sure that only those companies who genuinely aim to facilitate consumers are present on this list. If you are looking for smaller loans, then Credit Loan is the best option to go for. If you want a loan higher than $10,000, you will get the best offers at Personal Loan. CashUSA, on the other hand, not only provides you with loans but also educates you financially. But as overall best bad credit loan platforms go for MoneyMutual.
All of these companies have one thing in common: they value their consumers. In the end, the decision should be based upon the interest rate offered, repayment duration, and credit score.